The Core Transformation Trail

Transitioning to a new core platform is a daunting task for most bankers. While only 47% of banks are extremely or very satisfied with their core banking system, most banks plan to remain with their current core provider, according to a 2023 survey conducted by ABA. Just 21 percent said they were likely to switch.

To alleviate their apprehension, many banks hire a consultant to oversee the core-conversion process. “There is a lot of value that a well-organized, knowledgeable consultant can bring, because they do this every day,” says D.J. Seeterlin, the chief innovation and strategy officer at Chesapeake Bank in Virginia. “They know not only what the current rates are for the big-ticket items, but they also know the hidden little things. They are able to see the full spectrum.”

But finding the right core consultant for your bank can seem like an overwhelming task of its own. Bankers who have experienced their own conversion challenges offer three considerations before you start.

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